Brokerage App Robinhood to Add Zero-Fee Cryptocurrency Trading
The popular feeless stock trading app, Robinhood, announced today that they will be adding zero-fee cryptocurrency trading to their platform, starting with Bitcoin and Ethereum trading this February.
In their announcement, Robinhood provided the following details:
16 cryptocurrencies are immediately available for in-app monitoring. Here’s the full list:
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Gold
This initial list is particularly intriguing, as it includes many ‘altcoins’ that are not yet available for non-exchange based purchasing via Coinbase.
Bank transfers up to $1,000 will be instantly available in your account to trade cryptocurrencies. Any additional funds transferred will land in your account via the normal ACH transfer system.
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Overall, it looks like Robinhood’s new cryptocurrency features are going make cryptocurrencies more accessible at lower costs. What effect this will have on the already highly volatile markets is yet to be determined.
What’s clear is that executives over at Coinbase are going to lose more than a little sleep (and money) due to this new entrant into the mobile crypto-exchange space. The real question is how soon other mainstream stock brokerage websites follow suit.
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